The small island nation’s near 100 per cent renewable energy and cold climate make it an ideal cryptocurrency mining destination. (Unsplash: Jonatan Pie)
The amount of power used to mine bitcoin in Iceland is set to overtake the country’s entire domestic power usage this year, a local energy company has claimed.
Business development manager at Iceland’s HS Orka Johann Snorri Sigurbergsson said electricity use at mining data centres was gobbling up the small nation’s power resources.
And the demand would only grow with many potential customers drawn to the nation to mine the cryptocurrency.
“If all these projects are realised, we won’t have enough energy for it,” he told the BBC.
The country’s small population of about 340,000 people has seen an increase in new data centres keen to capitalise…